Jun 11, 2019

Mike Ashley's Sports Direct challenges Debenhams turnaround

Mike Ashley's Sports Direct has launched a last-minute legal challenge to Debenhams' restructuring plans. Debenhams rejected two last-ditch takeover offers from Sports Direct before the keys to its shops were handed over to its lenders. Now Sports Direct has turned to the courts in a bid to overturn a company voluntary arrangement that would see Debenhams closing 50 stores. Before Debenhams' lenders took control of the firm, Sports Direct had been a major shareholder in the retailer, with about 30% of the firm's shares. In a statement on Tuesday, Debenhams confirmed that Sports Direct was one of a number of firms to have challenged the CVA. "The firm's executive chairman, Terry Duddy, said:"We believe the challenges to the CVAs to be without merit and will vigorously defend them.

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